Altcoins
Strategies to Identify Altcoins That Can Generate $1 Million Returns
Many investors who bought altcoins during the previous bull market are now grappling with losses and wondering about the prospects for recovery. Chief among these factors is the lack of an altcoin season. After the FTX crashOnly a handful of coins managed to break out of previous highs against Bitcoin, which signals a weak market environment.
Bitcoin Dominancea key measure of the altcoin market’s health, has remained stagnant between 51% and 56% over the past six months. This is in stark contrast to previous bull cycles where dominance has dropped significantly, indicating a lack of momentum in the broader altcoin market.
In these uncertain times, Cryptocurrency Analyst No Bs Crypto watched his latest video and discussed his strategy for selecting 10 altcoins aimed at reaching a $1 million goal. He explained starting with a well-planned portfolio size rather than splitting small amounts of capital. Key factors included strong narratives, diversification across market caps, and the potential for significant returns.
In terms of risk, he introduced a table that categorizes coins based on risk and reward potential based on multiples and market caps. Coins have been grouped into low risk, moderate reward categories and higher risk, high reward categories. Here are some altcoins listed by the analyst:
Hole in the wall: It has recently shown strength despite bearish sentiment, with a 15x return potential, with a focus on interoperability.
Computer with Internet: Considered high risk but potentially high reward, it is expected to perform well, with returns potentially exceeding 15 times.
Beam: Considered a gaming-related altcoin, it is expected to perform well, possibly reaching returns of up to 35 times.
Flow network: It is expected to exceed 25 times returns under favorable conditions; it is known for its potential performance.
Goldfinch: Specifically mentioned with a 25x return price target.
Python Network: Classified in the yellow risk category due to its market capitalization, it is expected to reach potentially higher multiples.
Spectral: Identified as a micro-cap with a 45x expected return, selected for its unique market positioning.
Read also: Cryptocurrency Market Analysis: Is the Bear Market Coming to an End?